Ciputra Surya, Sampoerna tie up

Mon, 27 Dec 2004 | Source: AP

JAKARTA: PT Ciputra Surya, Indonesia's third- largest real estate developer by value, signed an agreement with a unit of PT H.M. Sampoerna to jointly develop a project in Indonesia's East Java province.

According to the Dec. 22 accord, Ciputra Surya will develop buildings and other properties on a 400-hectare land owned by PT Taman Dayu, a Pasuruan, East Java-based unit of Sampoerna, Ciputra and Sampoerna said in separate statements to the Jakarta Stock Exchange.

Surabaya, East Java-based Ciputra Surya "will sell the properties and share the revenue," the statements said. -- Bloomberg

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